Auto Loans

CarBargains is a nonprofit consumer service that helps you get the best possible deal on a new vehicle. Once you've decided on the make and model you want to purchase, call them at 1-800-475-7283 and be sure to mention your Summit Federal membership. For a modest fee (discounted with SFCU membership), CarBargains will acquire bids on the vehicle from dealers in your area. Each dealer will give their lowest possible bid, which enables you to buy at the best possible price. The fee is refunded by Summit Federal when you take your vehicle financing with us. CarBargains also offers a Lease Wise service to provide value and confidence for those of you who wish to lease a new vehicle. Although Summit Federal does not offer a lease financing option and is unable to refund the Lease Wise fee, this service can help save you money on the overall lease of a new vehicle.

Avoid costly car repair bills with mechanical breakdown protection. This contract is considerably less expensive than dealer service contracts. Coverage is available up to 100,000 miles and 7 years on both new and used vehicles (new vehicle coverage must be purchased before the manufacturer's warranty expires). The vehicle must be financed at Summit Federal Credit Union at the time of the Mechanical Breakdown Protection purchase. The premium can be financed with the vehicle loan. For answers to your questions, call either Summit Federal Credit Union or Allied Solutions at 1-800-981-5689. Get a quote now!

* The products offered: Are not federally insured, are not obligations of the Credit Union, are not guaranteed by the Credit Union

Car insurance will cover the cost of damages and a stolen car but your auto loan could be higher than the cash value of your car. Guaranteed Asset Protection (GAP) can help you cover the difference between what the insurance company pays out and what you still owe on the loan.

What is Guaranteed Asset Protection?

GAP is a voluntary, non-insurance product designed to waive the remaining loan balance not covered by the borrower’s primary insurance carrier settlement in the event of a total loss or unrecovered theft, subject to limitations and exclusions, including, but not limited to, loan-to-value (LTV) maximum, delinquent payments, late charges, refundable service warranty contracts, and other insurance-related charges. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle financed or leased with our financial institution!

How does GAP work?

The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement. 

What vehicles will GAP cover?

Automobiles, Vans, Light Trucks, ATVs, Motorcycles, Jet skis, Snowmobiles, Boats, Travel trailers, Motor homes.

This low cost protection is only $429.00 and can be financed with the vehicle loan. Contact our loan department for more details.

* The products offered: Are not federally insured, are not obligations of the Credit Union, are not guaranteed by the Credit Union

This insurance program is a special Credit Insurance coverage provided by Summit Federal on your Credit Union loans. Credit Life Protection will provide for payment in full in the event of your death. Credit Disability Protection is for those age 65 and under and will make the payments on your loan in the event you're off work for more than 30 days because of either an injury or illness. Payments will continue until you are released by your doctor to go back to work. With this coverage, you can rest assured that your obligations will be taken care of if you can't do it yourself.

* The products offered: Are not federally insured, are not obligations of the Credit Union, are not guaranteed by the Credit Union

Depreciation Protection waives some or all of your loan balance in the event of a total loss of your vehicle due to accident or if your vehicle is stolen and not recovered at anytime over the life of the loan. DPW is ideal for those who put money down or have equity in the vehicle or make accelerated loan payments. DPW benefits have no mileage, make or year restrictions and are for the life of the loan.

* The products offered: Are not federally insured, are not obligations of the Credit Union, are not guaranteed by the Credit Union

Auto Deductible Reimbursement(ADR) pays up to $500 per loss when a loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases AND insured under an Auto Insurance Policy designating the Member as the Named Insured. The coverage is effective upon date of enrollment and will continue for 3 years depending on the benefit period provided. This coverage is only available when purchased with GAP and DPW listed above.

* The products offered: Are not federally insured, are not obligations of the Credit Union, are not guaranteed by the Credit Union